Rosenblatt Securities Raises Cadence Design Systems (NASDAQ:CDNS) Price Target to $295.00

Cadence Design Systems (NASDAQ:CDNS) had its price objective upped by stock analysts at Rosenblatt Securities from $280.00 to $295.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Rosenblatt Securities’ price objective suggests a potential downside of 1.81% from the stock’s previous close.

Several other brokerages have also recently commented on CDNS. Loop Capital began coverage on shares of Cadence Design Systems in a research report on Monday, November 11th. They set a “buy” rating and a $360.00 price target for the company. Needham & Company LLC reissued a “buy” rating and set a $325.00 price objective on shares of Cadence Design Systems in a research note on Wednesday. Mizuho lifted their price objective on shares of Cadence Design Systems from $325.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. StockNews.com lowered shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Finally, Piper Sandler lifted their price objective on shares of Cadence Design Systems from $318.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $329.00.

Cadence Design Systems Stock Up 1.8 %

Shares of NASDAQ:CDNS opened at $300.43 on Wednesday. Cadence Design Systems has a one year low of $241.29 and a one year high of $328.99. The company has a 50 day moving average of $302.96 and a 200-day moving average of $287.16. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.45 and a quick ratio of 2.27. The stock has a market cap of $82.40 billion, a price-to-earnings ratio of 78.85, a P/E/G ratio of 3.41 and a beta of 1.03.

Cadence Design Systems (NASDAQ:CDNS) last issued its quarterly earnings results on Tuesday, February 18th. The software maker reported $1.49 EPS for the quarter, missing the consensus estimate of $1.82 by ($0.33). Cadence Design Systems had a return on equity of 28.49% and a net margin of 23.87%. On average, sell-side analysts forecast that Cadence Design Systems will post 4.75 earnings per share for the current year.

Insider Activity

In related news, CEO Anirudh Devgan sold 5,920 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $304.04, for a total transaction of $1,799,916.80. Following the transaction, the chief executive officer now directly owns 55,874 shares of the company’s stock, valued at approximately $16,987,930.96. This trade represents a 9.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Paul Cunningham sold 650 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $306.19, for a total transaction of $199,023.50. Following the transaction, the vice president now directly owns 60,461 shares in the company, valued at approximately $18,512,553.59. This represents a 1.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 108,416 shares of company stock valued at $33,538,875 over the last ninety days. 0.62% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cadence Design Systems

A number of hedge funds have recently bought and sold shares of the business. Missouri Trust & Investment Co acquired a new stake in Cadence Design Systems during the third quarter worth about $27,000. MidAtlantic Capital Management Inc. acquired a new stake in Cadence Design Systems during the third quarter worth about $28,000. Golden State Wealth Management LLC acquired a new stake in Cadence Design Systems during the fourth quarter worth about $28,000. Ancora Advisors LLC grew its stake in Cadence Design Systems by 1,400.0% during the fourth quarter. Ancora Advisors LLC now owns 120 shares of the software maker’s stock worth $36,000 after buying an additional 112 shares in the last quarter. Finally, Avalon Trust Co acquired a new stake in shares of Cadence Design Systems in the 4th quarter valued at approximately $39,000. 84.85% of the stock is owned by institutional investors.

About Cadence Design Systems

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.